Natural Gas Price Analysis: XNG/USD struggles to defend bounce off 100-DMA near $2.60 – by anilpanchal7 Gas Energy Commodities Technical Analysis ChartPatterns
Bearish MACD signals, steady RSI prod XNG/USD bulls below three-week-old resistance line.Natural Gas Price remains sidelined near $2.60-61 during the early hours of Wednesday’s Asian session, following arebound from the 100-DMA. In doing so, the energy instrument justifies the bearish MACD signals, as well as the steady RSI line.
Following that, $2.70 and $2.80 round figures may entertain the Natural Gas buyers before directing them to May’s peak of around $2.81. Even if the commodity manages to remain firmer past $2.82, the previous monthly high and March’s top, respectively near $2.93 and 3.07 will act as additional upside filters to challenge the buyers.
It should be observed, however, that a daily closing beneath the key DMA won’t hesitate to portray a gradual south-run toward an upward-sloping support line from April, close to $2.23 at the latest.Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets.
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